Oil hits 7-month lows

West Texas Intermediate oil futures are down $1.29, making the price of a barrel nearly $43 on the futures market. Prices are at a seven-month low, as prices in November reached intraday lows of $42.20.

The fall is mostly the result of residual anxiety over high supplies in the market.

Libya has been increasing its output in recent weeks to fuel its recovery from recent political turmoil. The country is part of OPEC, but is exempt from production caps set by the collective due to the ongoing political unrest.